XRP’s jumped 9.2% over the past 24 hours after US President Donald Trump announced a ceasefire on Monday between Israel and Iran.
The Ripple-linked cryptocurrency led a recovery in the top 10 digital assets, although the gains may be short-lived if the cease fire fails to hold.
“The Iran-Israel ceasefire sparked a swift surge in sentiment and liquidity into crypto markets,” Vincent Liu, chief investment officer at Kronos Research, a crypto research firm, told DL News.
“But for this trend to sustain, it may need an extra lift in the future, whether progress in trade talks or a pullback in dollar dominance.
Risk-on assets like stocks and cryptocurrencies surged as Trump announced the ceasefire. Brent crude slid almost 5% in early Asian trading and briefly dropped below levels not seen before Israel attacked Iran’s nuclear sites on June 13.
Gold, which is a safe haven asset, dropped over 1%.